Cwm LLC grew its position in Franklin Resources, Inc. (NYSE:BEN – Get Rating) by 0.9% in the first quarter, HoldingsChannel.com reports. The firm owned 690,127 shares of the closed-end fund’s stock after acquiring an additional 6,381 shares during the period. Cwm LLC’s holdings in Franklin Resources were worth $19,268,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of the business. State Street Corp boosted its position in shares of Franklin Resources by 3.5% in the fourth quarter. State Street Corp now owns 27,532,069 shares of the closed-end fund’s stock worth $929,900,000 after purchasing an additional 933,075 shares during the period. Capital Research Global Investors boosted its position in shares of Franklin Resources by 8.9% during the fourth quarter. Capital Research Global Investors now owns 8,613,180 shares of the closed-end fund’s stock worth $288,455,000 after acquiring an additional 701,374 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Franklin Resources by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 5,140,085 shares of the closed-end fund’s stock worth $171,673,000 after acquiring an additional 144,639 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Franklin Resources by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,487,563 shares of the closed-end fund’s stock worth $150,289,000 after acquiring an additional 224,921 shares during the last quarter. Finally, Allianz Asset Management GmbH boosted its position in shares of Franklin Resources by 1.6% during the fourth quarter. Allianz Asset Management GmbH now owns 2,567,022 shares of the closed-end fund’s stock worth $85,969,000 after acquiring an additional 40,141 shares during the last quarter. Institutional investors and hedge funds own 43.50% of the company’s stock.
BEN stock opened at $23.58 on Friday. The firm’s 50-day moving average is $25.22 and its 200-day moving average is $28.53. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.13 and a quick ratio of 2.13. Franklin Resources, Inc. has a 12 month low of $22.61 and a 12 month high of $38.27. The company has a market capitalization of $11.79 billion, a PE ratio of 6.34, a P/E/G ratio of 4.29 and a beta of 1.13.
Franklin Resources (NYSE:BEN – Get Rating) last issued its earnings results on Tuesday, May 3rd. The closed-end fund reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.17. Franklin Resources had a net margin of 22.02% and a return on equity of 18.34%. The company had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.08 billion. During the same period in the previous year, the business earned $0.79 EPS. The firm’s quarterly revenue was up .2% on a year-over-year basis. Sell-side analysts forecast that Franklin Resources, Inc. will post 3.74 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 4.92%. The ex-dividend date of this dividend is Wednesday, June 29th. Franklin Resources’s payout ratio is 31.18%.
A number of equity analysts recently weighed in on the stock. The Goldman Sachs Group assumed coverage on shares of Franklin Resources in a research report on Tuesday. They set a “sell” rating and a $23.00 target price for the company. Citigroup cut shares of Franklin Resources from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $44.50 to $28.00 in a research note on Tuesday, April 12th. Morgan Stanley decreased their target price on shares of Franklin Resources from $27.00 to $21.00 and set an “underweight” rating on the stock in a research report on Thursday. Keefe, Bruyette & Woods lowered Franklin Resources from a “market perform” rating to an “underperform” rating and dropped their price target for the stock from $28.00 to $22.00 in a research report on Tuesday. Finally, BMO Capital Markets decreased their price objective on Franklin Resources from $29.00 to $27.00 in a research report on Wednesday, June 1st. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $26.29.
In other news, Director Mariann H. Byerwalter sold 3,135 shares of the firm’s stock in a transaction dated Wednesday, June 15th. The shares were sold at an average price of $23.37, for a total value of $73,264.95. Following the sale, the director now directly owns 11,523 shares in the company, valued at approximately $269,292.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 23.30% of the stock is owned by corporate insiders.
About Franklin Resources: (Get Rating)
Franklin Resources, Inc. is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.
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